Here's my attitude on housing: one, the government should never bail out lenders; two, some people bought a house that they shouldn't have been in the market; three, there are speculators who thought they could get -- buy nice, one of these reset mortgages and flip it, make some money -- I'm sure none of them are in the chamber, but nevertheless -- that's what happened.
....
I remember going down to the savings and loan and sitting down with the savings and loan officer and negotiating with the savings and loan officer. Well, this day and age you're going to use -- mortgages have been bundled, so the savings and loan doesn't own the mortgage anymore, or the bank doesn't loan [sic] the mortgage anymore, the local lending institute doesn't loan [sic] the mortgage anymore: it's owned by some international group, perhaps, or it's been bundled into an asset. And so there's hardly anybody to negotiate with. And so some lenders [sic] aren't sure where to turn
We're not bailing people out -- we're helping them refinance their money, we're helping them, you know -- we're helping them stay in a part of the American Dream is what we're doing, and it's worthwhile to do that.
That clears things up considerably, although to me the American dream has turned into the American nightmare. OCICBW.
Thanks to Holden at First Draft for doing the hard work.
I am continually amazed at how inarticulate that man can be! And him a college graduate!
ReplyDeleteWha-? The sentences boggle the mind.
ReplyDeleteDo the folks who transcribe Bush's remarks note how awful they are? Do they laugh to themselves as they do it?
ReplyDeletesurely they must!
ReplyDeleteGrandmere, his lack of awareness of the ineptness he projects makes me think of the old story of The Emperor and his new clothes. Our President must be fed a parcel of lies as to how he's doing.
ReplyDeleteSince they work for the White House, I should think they would weep.
ReplyDeleteFleur, How many times have I thought of that story!
ReplyDeleteI believe that as Bush's term nears its end, we will see even more incompetents (if possible!) in the maladministration, because anyone with any sense would not want to be around for his last days in office.
Ah, Mimi, also more incompetence!
ReplyDeleteSusan, yes.
ReplyDelete"The administration I'll bring is a group of men and women who are focused on what's best for America, honest men and women, decent men and women, women who will see service to our country as a great privilege and who will not stain the house."
ReplyDeleteDes Moines Register debate, Iowa, Jan. 15, 2000
Mike, we now know what a load of BS those words were.
ReplyDeleteWorse president ever?
The fun part is the image of Boy George "negotiating" with the savings and loan manager. If the experience mirrored the rest of his career - and you can be damned sure that it did - the whole thing would have been arranged and fixed ahead of time by the FODs ("Friends Of Daddy").
ReplyDeleteInteresting fact about this is that this Administration is effectively indulging in flat-out Socialism (on their terms) in freezing the rates of existing, adjustable-rate mortgages by administrative fiat. Their attitude to other matters - child health care, to take but one - suggests that concern for the poor bastard on the brink of loosing his/her house and the life-savings tied up in it is unlikely to be concern #1 in these folks' minds. Might it be that the concern of major financial institutions at the cash they stand to loose should the housing market take a major nosedive is the real motivating factor?
More "Socialism for the Rich"? Think "Star Wars", Halliburton.........
Lapin, socialism for the rich seems to be fine, but God forbid that the poor and middle class get into the game.
ReplyDeleteI doubt seriously that concern for ordinary folks losing their homes is motivation no. 1. I don't like to be gloomy in the season of peace and good will, but I think the US economy is going to get a lot worse, before it gets better.